Marketing Chapter 6

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Marketing Chapter 6
2011-09-12 23:29:19
marketing concept

Basic Product Concepts
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  1. Generic characteristics
    Physical, technical and funtional charctrstcs that make a product what it is in its most basic form.
  2. Good
    A product that has definite physical features.
  3. Idea
    A concept, philosophy, image, belief or issue.
  4. Heterogeneity
    Variability or lack of consistency in the performance of a service.
  5. Convenience Product
    Inexpensive product that requires a minimum of time, info gathering and shopping effort on the part of most consumers.
  6. Shopping Product
    Consumer exerts time & effort to gather info and compare products before purchase.
  7. Homogenous Shopping Product
    A product consumers view as similar in quality/features to other products, but didfferent enuf in price to warrant comparison shopping.
  8. Heterogenous Shopping Product
    compare quality, style, features as well as price
  9. Commoditization
    The process by which a product reaches the point where it has no features that differentiate it from competing products other than price.
  10. Commodity
    has no features that differentiate it from competing products other than price.
  11. Product Mix
    Total assortment of products available from a co. AKA portfolio of products.
  12. Product Class
    Entire group of products produced by a particular industry.
  13. Product Line
    A set of different products that're closely related bcos they (1) function similarly, (2) are marketed to same target markets, (3) priced same, (4) distributed similarly. AKA strategic business unit.
  14. Product Form
    A group of products in a product line that share certain basic characteristics.
  15. Product Item
    A specific version of a specific product form within a product line.
  16. Width of a product mix
    Measure of a co's product mix based on the number of different product lines or classes a co offers.
  17. Depth of a product mix
    Mesure of number of different product forms or product items that a co offers in each product line.
  18. Consistency of a product mix
    Measure of how closesly relatied a co's product classes and product lines are to each other.
  19. Branding
    Process a co uses to identify itself and set apart from competitors
  20. Brand
    Name, number, term, sign, symbol, design, or combo used to identify a co or co's products
  21. Brand name
    Word, letter, can be vocalized
  22. Brand Mark
    Symbol, design, can be recogniszed but not spoken. AKA logo
  23. Brand Image
    positive or negative perception of a brand by a customer
  24. Trademark
    Word, phrase symbol or design that identifies goods an products of one party from those of others.
  25. Service Mark
    same as trademark but for a service
  26. Manufacturer Brand
    brand created & controlled by co that produces or manufactures a product. aka proprietary brand.
  27. Family Brand
    A single brand that applies to all of a co's products.
  28. Individual Brand
    A separate brand name given to each product item or product line.
  29. Distributor Brand
    A brand created by controlled by the co that distribues or sells a product. AKA private label or private brand.
  30. Positioning
    Process by which a co establishes and maintains in customers minds a distinct place, or position, for itself and its products.
  31. Unique Selling Proposition
    A product attribute that is not offered or cannot be offered by competitors.
  32. Product Improvement Strategy
    Product developemnt strategy that seeks to intro new versions of existing products with significant differentces to better satisfy customer needs.
  33. Idea Generation
    Step in product development process to search for new product ideas consistent with both the co's overall product dev. strategy and the needs of its target markets.
  34. Field Advisory Council
    A group of producers who represent and provide feedback from the sales force in areas such as product design, rate setting, uw philosophy, cust svc.
  35. Market Analysis
    A study of environmental factors that might affect sales of a product.
  36. Prior approval requirement
    req mandated by state that a form must be filed with and approved by the state ins dept before it can be used in that state.
  37. Interstate Insurance Product Regulation Commission (IIPRC)
    multistate public entity establishes uniform standards for certain ins product lines, like life ins, annuities, disability income ins, long term care ins, provides for voluntary centralized electornic fileing and expeditied review of products in those lines.